How To Modify Stop-Losses and Take-Profits Automatically

13Risk5211013One of the most powerful features of the MetaTrader 4 platform is that you have access to a very large library of free software that you can utilize to enhance your Forex trading experience. For example, you can download excellent expert advisors, technical indicators and scripts which you can then readily install onto your own MT4 trading charts.

This example demonstrates the procedure that you need to undertake to exploit these outstanding resources. For instance, you have no doubt heard about the advantages of modifying your stop-losses and take-profits automatically in order to maximize your profit at minimum risk for every Forex position you execute. However, perhaps you do not know how to design such a tool. What can you do to overcome this problem? An answer is immediately available which is also easy to implement. All you have to do is complete the following steps.

 

Step 1

Visit the MQL4 code base (http://codebase.mql4.com/) and the following screen will appear.

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Step 2

Next click on the ‘Script’ label that you will locate towards the top left of this screen. You will then be presented with a significant number of impressive free tools that you can utilize to enhance Forex trading environment covering almost every aspect of implementing a Forex position. You are well-advised to take some time to study the listed scripts so that you can familiarize yourself with what is available. You will discover that there are quite a number of pages that you will have to transverse in order to thoroughly accomplish this objective.

Specifically, we are seeking a script describing ‘how to modify stop-losses and target-profits automatically’ which you can quickly install onto your MT4 trading charts. After scrolling through the pages, you notice the ‘Automatic stoploss and takeprofit’ script, as displayed on the diagram below. Note, however, that there are many more such tools available on this important Forex topic.

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Step 3

Next, click on the ‘Automatic stoploss and takeprofit’ link and the next page appears.

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After studying the description of this script, you decide that it would be very helpful in boosting your Forex trading facilities. How can you now exploit this tool? Just follow the next steps

Step 4

In the following line shown towards the top of the current page:

‘Download: AutostopCyriac.mq4 (2.7 Kb) View’

Click on AutostopCyriac.mq4

On the ensuring popup page, select ‘open with MetaEditor’ and then click ‘OK’. The following page will then appear.

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You will now need to save this script into the ‘script’ folder of your MT4 platform. Finally, you must then install your new stop-loss and profit-target onto your MT4 trading chart.

 

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